You might expect a system to simplify financial reporting in smaller companies would be universally supported and acclaimed. After all, complaints about the complexities of international financial reporting standards (IFRS) are common.
But proposals from the International Accounting Standards Board (IASB) for an IFRS-related system for small and medium-sized companies (SMEs) have become some of the most hotly argued-over ideas in the IASB’s short history.
